KCB Head of SME and Agribusiness Naomi Ndele has said learning institutions proposition is will help schools implement the COVID-19 containment measures stipulated by the Ministries of Health and Education.
The facility aims infrastructural development such as modifying classrooms for social distancing, enhancing sanitization by sponsoring the purchase of water storage facilities and sanitization booths and sinks among others.
The loan facility will be used to improve technology in schools through the acquisition of hardware such as laptops and computers for virtual learning, software, and instruction costs.
Naomi Ndele said all schools qualify for the loan, noting that the range of the facility depends on the school capacity, their demands as well as their ability to repay.
“There is a high appetite for the facilities as schools are working extra hard to meet the guidelines set by the ministry. We have received numerous requests across our entire branch network,” she said.
Since the beginning of the pandemic, KCB Group has restructured facilities worth over Ksh1 billion due to the decreased cash flows emanating from the school closure.
Ndele says the bank has been offering repayment holidays during the closure period to give schools some support as they get their finances and cash flows back in order.
The KCB head added that the bank will continue engaging and working in partnership with the Ministry of Education and private sector partners including the Kenya Private Schools’ Association (KPA), whose association is drawn from owners of private schools all over Kenya.
These strategic connections are expected to allow KCB Group to customize school products, and provide the necessary support required.
“This is in addition to providing unsecured and secured loans and overdrafts for salaries and short-term expenses for the schools. We have structured our products to accommodate them,” she said.
Currently, the bank runs the KCB learning institution account which is designed to satisfy schools’ demands. According to Naomi, the account provides account holders access to the Malipo Portal which is a compilation portal given to schools for real-time confirmation of school fees payments.
It allows schools to accept payments from various sources such as KCB Agents, KCB LipaKaro and account transfers on KCB Mobi, KCB Branch, and M-PESA Lipa Karo.